Save for your dream car or your child’s education with an attractive interest-bearing fixed deposit that grows your savings multifold. Even today fixed deposits are the best way to grow your money and incur interest income without the slightest risk of losing your original investment.

Types of fixed deposits?

A fixed deposit is a long-term investment option that allows investors to park their money and earn interest income. An investor can choose to invest money for long terms and allow the capital to grow at a faster rate due to the compounding of interest. Here is a list of the types of fixed deposits in India:

1. Normal fixed deposit
2. Tax-saving fixed deposits
3. Senior citizens fixed deposit
4. Cumulative fixed deposit
5. Non-cumulative fixed deposits
6. Flexi fixed deposits

Fixed deposit interest rate:

With the beginning of the new year, the prospective investors are looking forward to changes in the FD interest rates. While banks are offering competitive interest rates, the rate of an interest rate for FDs in SBI currently ranges from 2.90 to 6.20. Now you can save money for your rainy days at a better interest rate on your savings.

Fixed deposit eligibility:

1. Any individual who is a Resident of India can open an account using valid identity proof.
2. Hindu undivided families can open accounts using valid identity proof of the person operating the account.
3. Fixed deposit accounts can be opened by trusts, companies, partnership firms, associations, clubs, and societies can open joint as well as single accounts and operate in the name of the company, trust, or association.